The Miller Center is a nonpartisan affiliate of the University of Virginia that specializes in presidential scholarship, public policy and political history and strives to apply the lessons of history to the nation’s most pressing contemporary governance challenges. more →

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From presidents Carter, George H.W. Bush, Clinton, and George W. Bush.

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On June 28, 2012, the city of Stockton, California filed for Chapter 9 protection, becoming the
largest U.S. city ever to declare bankruptcy. Since 2010, seven U.S. cities and counties have filed
for bankruptcy, and analysts predict more may be in the offing. Far from being isolated incidents
of a few profligate municipalities, the global economic downturn has demonstrated the sobering
reality of fiscal imbalance, one that is threatening larger cities and even countries around the
world. more →

A little more than one year ago, the United States approached bankruptcy when Congress refused to raise the limit on the amount that the federal government could borrow. Finally, on August 2, 2011—just one day before the projected default—Congress passed and President Obama signed the Budget Control Act of 2011. more →

Miller Center Resources

Mortimer Caplin Conference on the World Economy

The Miller Center’s annual Mortimer Caplin Conference on the World Economy brings together senior government officials, along with the best thinkers from the academy and the private sector, to discuss, debate, and deliberate over the most pressing issues facing the United States and the global economy.

American President

The threat of depression is something many presidents must face during their time in office. Following his reelection in 1872, President Grant faced a fiscal challenge when the Panic of 1873 touched off a nation-wide depression. The economic downturn had many causes, including an economic depression in Europe, rapid industrial and agricultural growth, overexpansion of the railroads, and the effects of the Civil War and the Franco-Prussian War in Europe. Read more about the state of U.S. domestic affairs during Grant’s administration here.

Woodrow Wilson pushed for banking reform through the Federal Reserve Act of 1913, which established twelve regional reserve banks controlled by the Federal Reserve Board, a new federal agency whose members were appointed by the President. This new federal system could adjust interest rates and the nation’s money supply. Because it was authorized to issue currency based on government securities and “commercial paper” (the loans made to businesses by banks), the amount of money in circulation would expand or contract with the business cycle. Read more about Wilson's achievements in office here.

Miller Center Resources

Miller Center Forums

Listen to these Miller Center Forums on the stability and vitality of the U.S. economy presented by public policy leaders from the academy, research institutions, and journalism.